Citigroup pivots to IPO for Mexico unit Banamex after sale talks collapse.
Citigroup has abandoned the $7bn sale of its Mexican consumer unit, Banamex, to Grupo Mexico and will instead list the business in 2025, possibly with a dual stock listing in Mexico City and New York. The move delays Citigroup's overhaul and may cause investor anxiety about Mexico's leftist president. Citigroup CEO Jane Fraser said an IPO would be the best path to "advancing our goal to simplify our firm." The Mexican government's opposition to layoffs that could be needed to make the unit more competitive may affect investor appetite for the deal.